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Financial Rights Legal Centre In The Media
As Australians face over $1 trillion personal debt crisis, advocates warn about ‘debt vultures’

MEDIA RELEASE Thursday, 3 March 2016 As Australians face over $1 trillion personal debt crisis, advocates warn about ‘debt vultures’ With ABS data showing that Australians are living with over $1 trillion of personal debt, consumer advocates are warning that an emerging industry of ‘debt vultures’ is making things worse. Debt vultures (known by regulators and industry as ‘debt management firms’) [ More ]

Payday loans skyrocket in 2015

Angelo Risso, AAP, Yahoo News Australians are warned they risk being trapped in debt as they flock to the short-term relief of payday loans in record numbers, with applicants jumping by over 200 per cent this year. As households look for a Christmas cash injection, the consumer advocacy website found Australians took out 227 per cent more loans in [ More ]

Still no insurance premium reminders for Australian consumers

UK takes a step toward better disclosure while Australia lags Daniel Graham, Choice Magazine What did you pay last year? General insurance customers in the United Kingdom will be reminded of last year’s premiums on their renewal notices, under a proposal by the country’s financial regulator. The move by the Financial Conduct Authority (FCA) aims to tackle low levels of [ More ]

Dodgy financial firms refusing to pay $17 million owed to their victims

Esther Han, Consumer Affairs Editor, The Age For the past week, Rowena Lagana has struggled with the pain from her back injury because she couldn’t afford to buy painkillers. She was relying on payments from a debt management firm, which last year the Financial Ombudsman Service found had drawn up an “unconscionable” contract. The firm, Clickthru, was ordered to pay [ More ]

New research shows struggling Australians suffering while the payday lending sector booms: Consumer groups

Consumer groups have cautioned policy makers not to fall for payday lending spin as new research from Digital Finance Analytics (DFA) shows the devastating impact of the industry on Australians struggling to make ends meet. Consumer Action Law Centre, Good Shepherd Microfinance and Financial Rights Legal Centre commissioned the report from DFA and found that nearly 30% of borrowers surveyed [ More ]